Your home is one of your most significant financial and emotional investments. You've worked hard for it. Your professional and financial success has paid off, and you have earned a beautiful, one-of-a-kind home. This is especially true if your home is of exceptionally high value. Protecting it to its value with the right insurance makes sense.
Whether your home is a custom dwelling, a chic city residence, a country manor, a heritage dwelling, or something in between, an insurance broker will ensure you have high-value home insurance to protect your hard work, your personal property and your lifestyle.
High-value home insurance is a form of property insurance that protects luxury homes up to their replacement cost - also known as replacement value - the amount of money an insurance company would have to pay to replace it. A typical home insurance policy may not be enough to cover a luxury, upscale residence, however, high-value home insurance surpasses a standard home insurance policy by offering additional coverage and higher limits.
High-value home insurance is custom-made to suit your individual needs. It considers the higher-than-average value of your property, including unique aspects, design features, high-value contents and other unique quality details. It also considers valuable and prized possessions or collections you may have.
Suppose your home or the contents within are damaged, destroyed or lost because of an insured peril. In that case, you can claim insurance compensation to restore, repair and replace what was lost up to the coverage limits listed on your policy for high-value home insurance in Ontario. This prevents you from paying out of pocket to get your home and belongings back, or the nearest approximation possible. Therefore, correctly valuing your home and its contents is critical to ensure that your high-value home insurance coverage limits are sufficient.
High-value home insurance is right for you if your home is of high-value, includes expensive contents, and has unique features of custom or heritage. Homes with a replacement cost of $1.5 Million or more are considered high-value homes. These include luxury residential properties or unique properties, such as heritage or custom-designed homes that may include valuable items such as jewellery, art or wine collections valued at over $25,000.
The definition of a high-value home differs somewhat, depending on the insurance company. Generally, these are homes or condos with a replacement cost of at least $1.5 Million, but this amount does vary.
That being said, it's important to note that replacement cost is not the only factor determining which properties qualify for high-value home insurance in Ontario. High-value homes have unique features you won't find in a standard residence. Some common features that would require high-value home insurance include:
Of course, only some high-value homes have the above features, and many other possibilities are not listed. If you are unsure if you require high-value home insurance, contact the brokers at Morison Insurance. We will help determine the coverage required to protect your home and valuable assets.
High-value home insurance is not legally mandatory in Ontario. However, not having it is too big of a risk to face. Your home is almost certainly your most valuable possession. It also contains many of your other most valuable possessions such as kitchen appliances, furniture, entertainment systems, jewellery, and other items that would be very costly to replace. While we trust that you are doing everything you realistically can to protect your home, something could happen. Fire, theft, natural disasters, and many other events outside your control could happen, leaving you with hundreds of thousands of dollars – if not millions - in losses. This is where high-value home insurance can protect you. If you are unfortunate enough to be in this situation, high-value home insurance will reimburse you for any losses you receive within your policy limits.
Most luxury homes will require more protection than a standard homeowners insurance policy has to offer. This is due to their higher replacement cost should a loss occur. Most luxury homes also have special features making them luxurious resulting in more insurance coverage to properly protect them.
For example, if a home and its contents are worth $5 Million and your home insurance policy covers a maximum of $1 Million, you will still be $4 Million out of pocket, even if your claim is fully processed.
All homes should be insured to their value, so it makes sense that a high-value home should have a luxury home insurance policy.
Home insurance policies are not one-size-fits-all. Every home is unique and so are high-value homeowners. So when determining what is covered will depend on various factors including the specific needs of your home, the policy you choose, and any additional coverage or increased limits you wish to add. However, common coverages that you can find in a high-value home insurance policy include:
High-value home insurance policies can be customized to provide protection for your specific needs. Speak to a Morison Insurance broker who will help determine which coverages you require for your luxury home.
Yes. High-value home insurance will provide coverage for a wide range of personal belongings within your home, especially those that are considered high-value. Some personal belongings that are typically covered up to a certain limit include:
Depending on the value of your personal belongings, additional coverage may be required to protect them to their value. An insurance broker can help you determine if further coverage is required. It is important to regularly review your policy to ensure that your limits are enough for your belongings.
There are various additional coverages that can be added to your high-value home insurance policy to provide further protection. Depending on your home and its contents, some additional coverages you can add include:
Not sure what coverages you need? Speak to a Morison Insurance broker who will help determine additional coverages to add to your high-value home insurance quote.
Standard home insurance policies have limits that are likely insufficient for high-value residences. For example, a typical homeowners insurance policy must ensure these items are adequate for fine art, rugs, jewellery, wine, or other special items. Standard home insurance policies usually limit the coverage on items such as jewellery, art and other items between $3,000 to $6,000. If this is not enough for you, consider high-value home insurance.
High-value home insurance has extras and enhancements to meet the needs of higher net-worth homes, condos and rental property residences. Some of these enhancements and extras include the following:
Please note that these are just a few differences between high-value home insurance and traditional home insurance. If you would like to know more about these differences, it is best that you speak to your Morison Insurance broker.
Yes and no. The key differences between typical home insurance and high-value home insurance in Ontario relate primarily to higher policy limits and extended coverage for expenses such as additional living costs while building restoration is underway. However, some types of coverage are more likely to be needed on high-value home insurance policies. For example, it's more common for high-value home insurance to include home equipment breakdown coverage , which applies to mechanical failure of equipment such as HVAC systems, temperature-controlled wine cellars and more. This makes more sense for high-value homes that are more likely to have a wider variety of equipment installed. High-value home insurance in Ontario may also include coverage for events such as carjacking, kidnapping and home invasions.
High-value home insurance policies are usually more expensive than standard home insurance policies because they provide more coverage. Providing ballpark price for high-value home insurance in Ontario could be misleading because there are many factors to consider when the price of a high-value home insurance policy is determined. Each insurance provider will also almost certainly quote different prices. Some of these factors include:
Please note that this is not a complete list of factors that could impact your high-value home insurance quote. We would be pleased to provide you with a price once we know the details of your residence. Our insurance brokers will ask you about your home and get you several competitive, high-value home insurance quotes
There are numerous ways you can lower your high-value home insurance premium. Some ways include applying home insurance discounts as well as mitigating the chance of risks. Some common ways to lower your high-value home insurance rate include:
It is important to note that the amount and availability of discounts will vary depending on the insurance companies. The licensed brokers at Morison Insurance will help you determine how you can lower your luxury home insurance rate.
There are many insurance carriers who specialize in high-value home insurance. These companies will offer customized coverage, higher limits, and VIP service. Here are some of the top insurance companies for high-value home insurance:
Our independent insurance brokers represent these insurance companies and more. We can help you with high-value home insurance coverage and other details to meet your needs. We also offer a full suite of insurance products to cover your auto, business, recreational items, and secondary properties. If you bundle several items with one insurance company, you may save with discounts on your insurance premium.
Getting a high-value home insurance quote is a bit of a process. This is due to the home being very valuable, and therefore important to get a good estimate on. But when you work with an insurance broker at Morison Insurance, we will help make the insurance process simple for you.
In some situations, a home inspection may be required. In these cases, an insurance broker will get your home's insurance-to-value (ITV) details. ITV is used across Canada to determine the actual cost to replace a home. Note that this is not the price someone would pay for your home if sold on the market. It is the amount an insurance company would pay to replace your home
Also, some luxury home insurance carriers will provide a complimentary home appraisal on a high-value home property. The rebuild limit of your home will determine whether a full interior/exterior appraisal will be needed or whether the insurance company requires an external assessment only
Get started today by speaking with a Morison Insurance broker. We work to ensure getting high-value home insurance is easy.
You can get a high-value home insurance quote from the expert brokers at Morison Insurance. We have partnerships with the best home insurance companies specializing in high-value home insurance. We will help you get the high-value home insurance policy that fits your specific needs. Get started today by calling 1-800-463-8074 or by filling out the form on this page. We are here to help provide peace of mind.
